What exactly are the 6 FATF points that Pakistan still has to comply with? Nobody seems to know according to a tweet by a renowned journalist yesterday. In the Tweet, it is said,” Anyone know the specific 6 points Pakistan has failed to correct for FATF? It appears that @FinMinistryPak @Hammad_Azhar have no knowledge and can only point to FATF website (mentioning 4 general areas). Seriously – do you actually even know? Is that why we are still in FATF?”
According to the FATF website in the ‘Jurisdictions under Increased Monitoring – 23 October 2020’ section it says about Pakistan that: Since June 2018, when Pakistan made a high-level political commitment to work with the FATF and APG to strengthen its AML/CFT regime and to address its strategic counter-terrorist financing-related deficiencies, Pakistan’s continued political commitment has led to progress in a number of areas in its action plan, including: taking action to identify and sanction illegal MVTS, implementing cross-border currency and bearer negotiable instruments controls, improving international cooperation in terrorist financing cases, passing amendments to the Anti-Terrorism Act to increase the sanctioning authority, financial institutions implementing targeted financial sanctions and applying sanctions for AML/CFT violations, and controlling facilities and services owned or controlled by designated persons and entities.
Anyone know the specific 6 points Pakistan has failed to correct for FATF? It appears that @FinMinistryPak @Hammad_Azhar have no knowledge and can only point to FATF website (mentioning 4 general areas) 😡 Seriously – do you actually even know? Is that why we are still in FATF?
— najma minhas (@MinhasNajma) October 31, 2020
Pakistan should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating that law enforcement agencies are identifying and investigating the widest range of TF activity and that TF investigations and prosecutions target designated persons and entities, and those acting on behalf or at the direction of the designated persons or entities; (2) demonstrating that TF prosecutions result in effective, proportionate and dissuasive sanctions; (3) demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists and those acting for or on their behalf, preventing the raising and moving of funds including in relation to NPOs, identifying and freezing assets (movable and immovable), and prohibiting access to funds and financial services; and (4) demonstrating enforcement against TFS violations, including in relation to NPOs, of administrative and criminal penalties and provincial and federal authorities cooperating on enforcement cases.
The FATF takes note of the significant progress made on a number of action plan items. To date, Pakistan has made progress across all action plan items and has now largely addressed 21 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan by February 2021.
GVS News Desk